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Dying intestate - inheritance tax question

  • 01-12-2007 12:12am
    #1
    zuluboy
    Registered Users, Registered Users 2 Posts: 54 ✭✭


    If the sole surviving parent dies intestate her estate will be divided equally between her children.
    If the only estate is a house worth 200k and there are 5 children each will benefit by 40k.
    Will they have to pay inheritance tax on this or will any form of tax have to be paid to the government?
    Thanks.


Comments

  • #2
    suzieq07
    Closed Accounts Posts: 9 ✭suzieq07


    Inheritance tax no longer exists in Ireland. Its now called Capital Acquisitions Tax. Each person has a tax free amount that they are allowed to receive before having to pay any of this tax. In order to calculate whether or not you have passed your tax free limit you must aggregate all gifts/inheritances in your lifetime from the donor group (in this case, the deceased who was a parent). The tax free limit for amounts from parent to child is quite high - Euro 496,824. That means if the children (as individuals) have not already received more than 450k each from either of their parents no CAT should be due. Whether the person died intestate or testate would be irrelevant for tax purposes.
    Sorry if thats long winded. Let me know if you have any qs.


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